Sanderson Young Lettings have experienced a great year so far on the level of instructions and number of units let, with business turnover exceeding year on year, telling me that landlords are not exiting the marketplace as we once thought. The introduction of the Tenant Fee Ban back in 2019, brought much worry about how it would affect the lettings market, but thankfully we all adapted, rolled up our sleeves and it was business as usual! The very same will happen once the Renters Rights Bill reform comes into play and I’m sure we will continue to adjust and look for the positives.
There has been much talk this year about this new bill and how it will affect the whole of the lettings industry. Although there was much negativity surrounding the initial introduction, where landlords were concerned about getting their properties back once the ‘No Fault’ Evictions Section 21 is outlawed, the initial shock has somewhat eased.
The reform could be in place by Summer 2025 and part of the changes could include periodic tenancies becoming the norm. Gone are the fixed term contracts, landlords having to register their properties with the new Ombudsman scheme, and a ban on bidding wars – a measure aimed at reducing competitive bidding among tenants in high demand areas, decent home standards, rent controls and pets. As well as all of this, the local authority will have increased powers to enforce penalties in case of non-compliance.
Offering your property to the rentals market is not as straightforward as it used to be, and new and existing landlords need lettings agents now more than ever to guide them and ensure correct procedures are put into place once these changes become law.
If you’re a landlord looking for guidance, or just in the early stages of venturing into the world of lettings, my professional team are here to provide you with knowledgeable guidance to ensure your peace of mind and comfort that your property will be taken care of.
We have professional tenants waiting for all areas, so please do not hesitate to contact me today to arrange your FREE no obligation rental appraisal, where we can guide you on the service that we offer to look after your property throughout the duration of a tenancy.
Gail McLean MARLA
Regional Lettings Manager/Valuer
gail.mclean@sandersonyoung.co.uk
0191 223 3510